The IRS Blesses State & Local Tax Cap Workaround
Under the Tax Cuts and Jobs Act, individual taxpayers can only claim up to $10,000 in state and local income taxes on their federal income tax return. Some high-tax states have created workarounds, including permitting owners of pass-through entities to pay income taxes at the entity level instead of on their personal tax return. The Treasury Department and IRS said they will issue proposed regulations that will permit these workarounds.
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